The metallurgical coal market is poised to grow by $14.91 billion during 2020-2024, progressing at a CAGR of almost 2% during the forecast period, according to Technavio. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period, it said.

China Shenhua Energy Co. Ltd., Coronado Global Resources Inc., Glencore Plc, Teck Resources Ltd. and Vale SA are some of the major market participants. Although the increasing demand for steel will offer immense growth opportunities, slowing investments in the coal industry will challenge the growth of the market participants, according to Technavio. “To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments,” the company continued.

Increasing demand for steel has been instrumental in driving the growth of the market. However, slowing investments in the coal industry might hamper market growth, according to the company.